Benson Elliot has bought a retail property asset in central Italy.

The UK-based investment manager said it bought the Centro Commerciale La Meridiana in Bologna.

The centre was sold by TMW Immobilien Weltfonds, an open-ended global real estate fund controlled by CACEIS Bank Deutschland.

Joseph de Leo, Benson Elliot senior partner, said the 35,000sqm centre was in an “affluent but under-served” retail trade area.

“We’ve identified a number of initiatives to add value, much as we have at Terminal Nord in Udine, and look forward to working with the centre’s retailers to deliver an enhanced shopping experience for customers and an attractive return for Benson Elliot’s investors,” he said.

The asset is anchored by an Esselunga hypermarket, Virgin Active fitness centre and nine-screen UCI Multiplex cinema.

Tenants include Benetton, Sephora and Sisley.

De Leo said that, over the last 24 months, the company has secured a “high-quality portfolio in four regions that underpin Italy’s investment markets and drive the Italian economy”.

The company has bought six properties in Lombardy, Lazio, Veneto and Emilia-Romagna.